Lyndon Wood upbeat as Moorhouse returns to growth
MGA changes caused 2017 turnover and profit to shrink.
Moorhouse Group has returned to growth after being hit by the loss capacity in its MGA arm, according to founder and CEO Lyndon Wood.
In November 2016 Danish insurer Qudos ended its motor trade and commercial vehicles deals with Moorhouse managing general agent Xbroker.
The knock on effect was a near £3.2m fall in turnover and £100,000 drop in profit after tax for the group’s 2017 figures.
Headcount at the business also dropped from 137 to 102 and the company shut Xbroker’s London office.
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